Thats something the government should've done all along. Buy the bad loans from banks to reliquify them and don't dick around with the interest rates.
Looks like finaly they are coming to that decision.
Og, with all due respect,
I see no reason why my tax dollars should be making whole the same banks which have systematically enriched their officers and employees, knowing that they were making loans that were destined to be bad.
In fact it infuriates me that all of the people who wrote "liar loans" are not in prison, and being fined everything they got in compensation for their actions. (not to mention punitive damages)
Because the situation with housing hurts the rest of us. Its not about bailing out them, its about bailing out the innocent bystanders. Who will lose jobs, homes, lives. Thats what the government is for, and thats why people are paying taxes. To use the money for the common greater good.
Pension plans are going under water, Teachers aren't getting paid, people losing jobs and homes... those people who paid their taxes so the government kept them out of trouble in the time of need. That is exactly why they paid those taxes. Its time to use the money properly, instead of squandering them on another useless war or something like that. Speaking of robbery of people's tax dollars.
I'm all for the government bailout. The market is incapable of sorting this mess by itself. The participants are paralized with fear.
Edited by ogm, 05 March 2008 - 07:53 PM.